{"id":10762,"date":"2023-02-28T17:50:20","date_gmt":"2023-02-28T17:50:20","guid":{"rendered":"https:\/\/elizabethjebef.com\/?p=10762"},"modified":"2023-02-28T17:50:23","modified_gmt":"2023-02-28T17:50:23","slug":"rising-mortgage-rates","status":"publish","type":"post","link":"https:\/\/elizabethjebef.com\/?p=10762","title":{"rendered":"Rising Mortgage Rates?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential\u00a0homebuyers\u00a0as the combination of higher mortgage rates and higher\u00a0prices\u00a0have made homes less affordable. So, if you\u2019re planning to purchase a home this year, you too may be wondering if now\u2019s the right time to buy or if you should hold off on your search until rates come back down.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The recent uptick in rates has been driven by what\u2019s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the&nbsp;<em>Mortgage Bankers Association<\/em>&nbsp;(MBA),&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/02\/15\/mortgage-demand-drops-interest-rates-jump.html\" target=\"_blank\" rel=\"noreferrer noopener\">explains<\/a>:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>\u201cMortgage rates increased across the board last week, pushed higher by market expectations that&nbsp;<\/em><em>inflation will persist, thus requiring the Federal Reserve to keep monetary policy restrictive for a longer time.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">The most recent weekly average 30-year fixed mortgage rate\u00a0as <a rel=\"noreferrer noopener\" href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\">reported<\/a>\u00a0by\u00a0<em>Freddie Mac<\/em>\u00a0is 6.5%. It\u2019s the third week in a row that rates have increased and puts them at the highest point they\u2019ve been this year.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Advice for Home Shoppers<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re thinking about pausing your home search because rates have started to go up again, you may want to reconsider.  According to the MBA,\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/02\/22\/mortgage-applications-decrease-in-latest-mba-weekly-survey\" target=\"_blank\">mortgage applications<\/a>\u00a0declined by 13.3% in just one week.   This could actually be an opportunity to buy the home you\u2019ve been seeking as some potential homebuyers pull back from the process.   If you stay the course, you\u2019ll likely face less competition among other buyers &#8211; welcome relief in a market with severely limited inventory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are considering a purchase but feeling overwhelmed by the new swell in interest rates, reach out.   I would love to empower you with my resources.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>28 February 2023 ~ After steadily falling over the winter, mortgage rates have started to rise in recent weeks.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[225,241,87],"tags":[231,232],"class_list":["post-10762","post","type-post","status-publish","format-standard","hentry","category-home-buyers","category-housing-market","category-trends","tag-home-values","tag-housing-market"],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"elizabethjebef","author_link":"https:\/\/elizabethjebef.com\/?author=2"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts\/10762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10762"}],"version-history":[{"count":0,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts\/10762\/revisions"}],"wp:attachment":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}